Greenbay Properties plans to raise R1.75bn new share issue

Greenbay Properties plans to raise R1.75bn through the issue of new shares, in line with its investment policy.

Greenbay Properties (GRP) said on Wednesday it managed to raise more capital than was initially anticipated due to a strong demand for its new shares.

The AltX-listed group placed 1‚562‚500‚000 new shares at R1.44 each‚ raising R2.25bn which is more than the R1.75bn that it initially aimed for.

The AltX-listed group said the proceeds would be invested in line with its investment policy.

Greenbay is currently in negotiations to acquire three retail centres with a total value of more than EUR150m.

Greenbay is a hybrid property company that invests in other property stocks‚ and also directly in real estate. The company was created by the Resilient property stable that is led by industry stalwart Des de Beer.

The company intends to transfer its listing to the JSE’s main board after the publication of its year-end results in November.